Now We Know: Russian Duma Energy Chairman: "All That Can Be Extracted Must Be Extracted And Sold"
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In a comment on the new strategic document from the Energy Ministry, Chairman of the State Duma Committee on Energy, Pavel Zavalny, argues that global demands for hydrocarbons will remain stable until at least 2040 and that Russia must do what it can to keep up production. Zavalny underlines that the oil and gas companies must not cut production, but first of all focus on ways to make money. “Plainly speaking: all that can be extracted must be extracted and sold,” he told newspaper Parlamentskaya Gazeta.
The legislator argues that the oil and gas industry now must modernize, adopt new technology and move into more remote and less accessible regions, and he points at the 2,500 existing and projected fields outlined in the new energy strategy.
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Offshore production in the Arctic is currently not economically viable because of low oil prices and lack of technology, the document concludes. According to newspaper Kommersant, the ministry planners believe the remote northern shelf over the next 15 years first of all play a role as “experimental region for creation and adoption of innovative technology.” In their hunger for additional resources, Russian oil and gas companies have over the past two decades increasingly moved into remote Arctic areas. The peninsulas of Yamal and Gydan are now top priority areas for both Gazprom, Novatek and Rosneft. The latter is also starting a massive development in the Taymyr region where the Vostok Oil project is due to start production in 2024.
According to Gazprom Neft, the oil branch of natural gas company Gazprom, Arctic fields now account for more than 30 percent of its total production. In 2020, production at the Novy Port project increased five percent to a total of 14,89 million tons, and the offshore project Prirazlomnoye delivered 3,27 million tons, an increase of three percent year-on-year.
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https://thebarentsobserver.com/en/industry-and-energy/2021/05/russian-arctic-oil-races-against-time